Quantifying antitrust damages: Towards non-binding guidance for courts

This report, prepared for the European Commission by Oxera with economic contributions from Patrick Legros and co-authors, provides guidance on the quantification of damages in private enforcement actions under EU competition law. It develops a conceptual framework for damages estimation built around two stages: constructing a counterfactual but for scenario, and translating the factual/counterfactual difference into a final damages value. The report surveys the economic toolkit, drawing on industrial organisation, corporate finance, and econometrics, applicable to the main categories of antitrust harm, including overcharges from hardcore cartels and lost profits or market access from exclusionary conduct. It addresses practical challenges such as pass-on, data availability, and the need for methods that are both economically rigorous and tractable within EU and national legal frameworks. Throughout, the analysis is illustrated with case examples from courts across European jurisdictions.

European Commission: Directorate-General for Competition and Oxera